Oil & Gas Corporate News
Dana Petroleum (DNX) announced that it has signed an exclusive letter of intent with the Texas based company Hyperdynamics Corporation. The LOI positions Dana to acquire a 23% working interest in the Hyperdynamics concession offshore the Republic of Guinea, West Africa. The concession encompasses all of offshore Guinea, a total area of 80,000km2. Subject to agreeing the definitive binding documents by 31 December 2009, Dana will pay Hyperdynamics US$5m (to be applied to the seismic acquisition cost). Dana will pay Hyperdynamics a further US$15m, in either cash or shares (at Dana's election), on signature of the revised PSC.
Amerisur (AMER) commenced drilling the Iguasa-1 on 17th October. Iguasa-1 is the Company's first well to be drilled on the Fenix Block in Colombia. The planned total depth of the well is 6,413ft and is expected to take approximately 30 days to drill and log.
Mining Corporate News
Regency Mines (RGM) announced that it has issued 10,000,000 new ordinary shares of 0.1p each in the capital of the Company at 2.00p per Share, to raise £200,000 before expenses, conditional on the Shares being admitted to trading on AIM. Application has been made to the London Stock Exchange for the New Shares, which rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM. It is expected that admission will become effective and that trading will commence on 22 October 2009. Following the issue of the New Shares the Company’s issued ordinary share capital, as enlarged by the New Shares, will be 378,927,865 Ordinary Shares.
Amur Minerals (AMC) announced that the State Committee on Reserves (GKZ) has completed its review and a protocol has been issued allowing for the addition of the Maly Krumkon (MK) reserves to those previously approved. Amur now has registered reserves located in three deposits within its Kun-Manie nickel copper licence area. The total Russian approved reserves available to the Company are illustrated in the table below and are compared to the Western prefeasibility study of mineable reserves. Both reserves have utilised a nickel cut-off grade of 0.2%.
Goldstone Resources (GRL) announced that the Company has entered into a joint venture agreement with Cherry Hill Mining Company Ltd, a Ghanaian company, to develop the Homase Prospecting License. The Homase License is wholly owned by Cherry Hill and forms the subject of the Joint Venture Agreement. The license area falls in the Bekwai District of the Ashanti Region in Ghana about 15km from the town of Obuasi. It is approximately 115 square kilometres in extent and lies 15km north-east of Anglo-Gold Ashanti's fifty million ounce Obuasi Mine.
Petropavlovsk (POG) announced its interim management statement for the period from 1 July 2009 to date, in accordance with the UK Listing Authority's Disclosure and Transparency Rules. Total production amounted to 123,600oz of gold, taking the 9 month total to 346,200oz.
African Aura (AAAM) announced the commencement of a two rig, 10,000m confirmation diamond drilling programme at the Company’s New Liberty Gold Deposit in western Liberia. The 10,000m drilling programme at New Liberty is designed to confirm the resource morphology to 300m depth and will contribute to an updated bankable feasibility study for an open pit and/or underground gold mine scenario targeting 100,000oz annual production. As previously announced, drilling undertaken below 200 meters intersected highly encouraging grades including 23m grading 4.95 g/t Au and 26m grading 5.04 g/t Au. The best drill intersect from New Liberty is currently 8.45 g/t Au over 37m from 55m depth in the Larjor Zone.
NB African Aura Mining Inc. was formerly known as Mano River Resources.
Gem Diamonds (GEMD) announced its September quarterly production figures. 23 756 carats of rough diamonds were recovered from Letšeng, bringing production to 70 921 carats for the nine months ended 30 Sept 2009. The Letšeng Mine in Lesotho is renowned for consistently producing very large, top quality rough diamonds. In Q3 2009, 18 640 carats were sold in two tenders at an average price of US$1 710 per carat, bringing total sales for the first nine months of 2009 to 75 305 carats, sold at an average of US$1,408 per carats.
International Consolidated Minerals Inc.(ICMI) announced that its securities have been cancelled from 19/10/2009 07:00, pursuant to AIM Rule 1.